Mauritius : Professional Reinsurer

A professional reinsurer is a corporation licensed under Section 9 of the Insurance Act 2005 to carry on only reinsurance business.

Licence as Professional Reinsurer

An application for a licence as Professional Reinsurer shall be made to the Financial Services Commission (FSC). The FSC will, if it is satisfied that an application under section 9 of the Insurance Act 2005 ought to be granted, grant the application and on payment of the prescribed fee, issue a licence authorising the applicant to act as a professional reinsurer to carry on solely reinsurance business.

Information / Documents to be submitted by the applicant with respect to an application as Professional Reinsurer :

1. Duly dated and signed Application Form for Professional Reinsurer along with authorisation to any regulatory body, law enforcement body or financial institution, in Mauritius or in a foreign country to release to the Financial Services Commission (FSC) any information about the applicant, and any of its promoters, officers or controllers, (whose written consent should be enclosed), for use in relation to an application with the FSC and for the enforcement of the applicable laws
2. Prescribed Processing Fee (USD 1,000) and/or Annual Fee (USD 1,500).
3. Details of any other licence(s)/registration(s) which the Applicant holds and name of the licence(s) and issuing authority, and any restriction(s) imposed.
4. Business Plan including: (i) – Introduction and Background; (ii) – Business objective, strategy and proposed activity; (iii) – Organisation Chart; (iv) – Target market(s) and client(s) profile; (v) – Mode(s) of financing; (vi) – Three year Financial Forecasts (Balance Sheet, Profit and Loss Account, and Cash Flow Statement); and (vii) – Any other relevant information.
5. An Applicant's business plan or feasibility study must be conducted or certified by an actuary to be in accordance with Section 10 of the Insurance Act 2005.
6. Details of the arrangements to be put in place with respect to the day-to-day administration and management.
7. CV of senior officers, and Personal Questionnaire Form(s) for Directors, Managing Director/CEO, Compliance Officer, MLRO and Deputy MLRO (as applicable).
8. Confirmation that the Applicant shall implement a manual of internal control and compliance procedures, once it is licensed/authorised.
9. Certified true copy of the Certificate of Registration/Incorporation, Constitution/M&A (if any), Trust Deed, and/or other statutory documents submitted/required for the registration/incorporation of the Applicant.
10. Latest Annual Return and Audited Financial Statements, as available.
11. If Applicant’s Secretary is a firm or corporation, necessary approval from the Registrar of Companies to be submitted.
12. Financial/Capital Requirement under relevant regulations and rules
13. Copy of material contract(s)/agreement(s) to be entered between the Applicant and other party/functionary.
14. In case of registration and continuation of an Applicant/Company incorporated outside Mauritius or a foreign company, additional documents as may be required under the Companies Act 2001 to be submitted.
15. Submission of proposed reinsurance arrangements.
16. Details of measures to be put in place with regards to infrastructure, security and safety of securities/assets.
17. Details of arrangements to ensure confidentiality, security and reliability of client(s) information.
18. Copy of any promotional material(s) to be used in connection with the proposed business of the Applicant.